This paper examined the effect of cash flow on the performance of listed Deposit Money Banks (DMBs) in Nigeria. With the aid of multi-stage sampling technique which uses both pure random and eliminating method, twelve (12) banks were sampled for investigation over ten years beginning from 2006 to 2015 from a total population of fifteen (15) Deposit Money Banks (DMBs) listed on the Nigerian Stock Exchange. This corresponds to 120 observations from a total of 150. Published financial statements of the selected banking firms under study were the source of data. From the objectives of the study, a total of three hypotheses were formulated and tested at 5% level of significance. Data gathered were subjected to statistical analysis through the simple regression technique, and the EViews statistical software package was used to do the analysis. The findings showed that cash flows from operating, investing and financing activities, have no statistically significant effect on the returns on investment, returns on equity and earnings per share of Deposit Money Banks (DMBs) studied. The study yielded several recommendations, including an urgent and compelling need for the regulatory authorities to rethink the accounting regime for banks. The new regime should specifically take banks’ credit, creating function into consideration mostly because this uniqueness in banking operations entails that cash flow from the operating activities functions differently and hence requires being differently accounted for too.